Analysts' Actions: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

Alnylam Pharma.

coverage initiated at Morgan Stanley: Morgan Stanley said it is initiating coverage on ALNY with an Overweight rating. RNAi, potentially the next big therapeutic class.

Applied Materials

upgraded at AG Edwards: AMAT was upgraded to Buy, AG Edwards said. $25 price target. Company should report strong numbers Wednesday night, and provide a bullish order outlook.

Three Refiners downgraded at Deutsche: Deutsche Bank said it downgraded

ConcoPhillips

(COP),

Chevron

(CVX) and

Frontier Oil

(FTO) to Hold. Refining margins have deteriorated over the past two weeks, and the natural gas market has lost its momentum. OXY, VLO and XOM remain the analyst's top picks.

RealNetworks

upgraded at Piper: Piper said it is upgrading RNWK to an Outperform rating as core music segment remains on track, gaming portfolio is building, and company could make accretive acquisitions and buybacks.

Sonic Corp.

upgraded at William Blair: SONC was upgraded to Outperform, William Blair said. Company has good sales visibility, and should be able to exceed full-year expectations.

Waste Connections

downgraded at Friedman, Billings: WCN was downgraded to Market Perform, Friedman, Billings Ramsey said. $36 price target. Company is already pricing in its industry-leading margins and cash flow.

STOCK COMMENTS / EPS CHANGES

Agilent

outlook raised at Goldman: Goldman said it is increasing its estimates on A for the full year to $1.42 a share from $1.40 a share. Maintained Inline rating.

Cendant

outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on CD for the full year by a penny to $1.42 a share. Target remains $23 a share. Maintained Overweight rating.

First Data

estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 EPS by 20-cents to $2.40 following spin-off. Maintained $55 target and Buy rating.

K.B. Home

outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on KBH for the full year to $13.21 a share from $13.57 a share. Waiting on a sunny day.

Kerzner International

estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 EPS estimates on KZL from $3.32 to $2.61 on Q4 results. Maintained Buy rating and $81 target.

Lincare Holdings

target raised at Jefferies: Jefferies said it was raising FY 2006 estimates on LNCR by a penny and the target by $3 to $44 on Q4 results ahead of consensus. Maintained Hold rating.

Life Time Fitness

target price raised at CSFB: CSFB said it is raising its target price on LTM to $52. Sees signs of pricing power. Maintained Outperform rating.

Motorola

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on MOT for the full year to $1.53 a share from $1.50 a share. The company is regaining its momentum.

Marvell Tech.

target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates on MRVL from $1.35 and $1.76 to $1.36 and $1.86 and target by $11 to $71. Maintained Buy rating.

Micron

target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 EPS estimates on MU from $0.33 to $0.44 and target from $12.50 to $16 on positive outlook following analyst meeting. Maintained Hold rating.

Pulte Homes

outlook raised at Goldman: Goldman said it is increasing its estimates on PHM for the full year to $6.11 a share from $6.05 a share. Maintained Inline rating.

Standard Pacific

outlook raised at Goldman: Goldman said it is increasing its estimates on SPF for the full year to $6.64 a share from $6.63 a share. Maintained Inline rating.

WCI Communities

outlook raised at Goldman: Goldman said it is increasing its estimates on WCI for the full year to $5 a share from $4.56 a share. Maintained Inline rating.